Hanoi (VNA) – Vietnam will need to mobilise around 5.4 quadrillion VND (approximately 205.6 billion USD) through the stock market between 2026 and 2030, more than twice the amount mobilised in the previous five-year period, underscoring the market's growing importance in supporting the country's long-term growth strategy.
Addressing a seminar on restructuring capital mobilisation channels hosted by the Finance and Investment newspaper on July 15, Bui Hoang Hai, Vice Chairman of the State Securities Commission of Vietnam (SSC), said the domestic economy continues to face considerable external challenges in 2026, including the effects from the Middle East conflict.
He said global supply chain disruptions have triggered an energy crisis and heightened inflationary pressures, while tighter domestic liquidity has increased financing costs. Even so, Vietnam's stock market has maintained solid growth momentum.
As of May 29, the market's capitalisation had reached 10.61 quadrillion VND, equivalent to 82.6% of the country's estimated 2025 GDP.
Investor participation has also continued to expand, with the number of securities accounts surpassing 13 million, well ahead of the national target of 11 million by 2030.
Capital raising through the equity market has gathered pace. In the first five months of 2026, listed and registered companies mobilised 289.5 trillion VND through share issuances and initial public offerings (IPOs), an increase of 86.5% year-on-year and 2.5 times the average level recorded over the previous five years.
While trading liquidity has eased over the past month, average market turnover since the start of the year has remained broadly in line with last year's level.
The corporate bond market has also continued to recover, with the value of listed corporate bonds reaching 2.819 quadrillion VND by the end of May, equivalent to 21.9% of estimated 2025 GDP.
According to Hai, these figures reaffirm the stock market's increasingly important role in providing medium- and long-term financing for the economy.
Vietnam also recently marked a major milestone after FTSE Russell upgraded its market to Secondary Emerging Market status. Effective from September 2026, the reclassification is expected to enhance the market's appeal to international investors and attract additional foreign capital.
Looking ahead, Hai said Vietnam's investment demand for 2026–2030 is projected at 38 quadrillion VND, while state budget resources are expected to cover only 8.5 quadrillion VND, or around one-fifth of the total. The remaining 80% will need to be financed by private and international capital.
Against this backdrop, mobilising 5.4 quadrillion VND through the stock market over the next five years will be crucial. The target is more than double the amount raised during 2020–2025.
With public finances under pressure and bank credit approaching prudential limits, Hai stressed that restructuring capital channels has become an urgent priority. He said the stock market must play a greater role as the economy's primary source of medium- and long-term funding.
After more than 30 years of development, Vietnam's stock market has become a key pillar of the country's financial system, supporting more efficient capital allocation, driving economic growth and enhancing the competitiveness of domestic enterprises./.
